Home Banking & Finance Banks waiving consumer fees post-Sandy

Banks waiving consumer fees post-Sandy

Several state-chartered banks have announced they are waiving various fees and penalties in the wake of the devastation caused by Hurricane Sandy.

Banks include M&T Bank Corp., Apple Bank, Partners, Dime Savings Bank of Williamsburgh, Emigrant Bancorp Inc. and New York Community Bank Foundation.

“Thousands of New Yorkers’ lives have been disrupted by the storm – including their usual financial obligations and activities,” Gov. Andrew Cuomo said in a press release. “As a result, some people may have late payments or be forced to incur other bank fees and penalties. I call on any state or federal chartered banks that have not yet waived fees to follow suit.”

While details vary from bank to bank, most banks have agreed to waive ATM fees, late payment charges, penalties for checks returned because of insufficient funds, overdraft protection transfer fees and penalties for early withdrawal.

“Local banks can play a major role in helping our communities recover, as they have played a major role in their growth before the storm,” said Benjamin Lawsky, New York state’s superintendent of financial services, in a press release.

Financial institutions seeking additional guidance for assisting customers affected by Sandy are urged to contact the Department’s Albany office at 518-473-6160.


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